OK, if it’s a political decision, what about the rule of law? Separation of powers? Checks and balances?

Oh, yeah. I forgot. “I won!”

“When governments fear people, there is liberty. When the people fear the government, there is tyranny.” Thomas Jefferson

I love my country but I fear my government.

10-7

I ran into an old timer from my church yesterday. Ken’s retired who like me served on our congregation’s finance committee. A little back ground:

Built in 1821, this “typical” little white church sits at the heart of what was once a little Dutch farming town. In addition to the church building, sits its fellowship hall, the old parsonage & an ancient cemetery all on about six acres within what has become among the nations’ most valuable property.

More recent arrivals have since spotted the town’s proximity to New York City. Due to the lack of municipal water & sewer systems, its multi acre zoning a direct result of the practicalities of managing some distance between one’s drinking water from the property’s septic systems). With the wealthy from Wall Street, Sports, Music & Movies, the town’s per capita income has become among the nations highest. Unfortunately, the less than 200 members of the188 year old congregation are mostly retirees & town’s people (painters, shop owners, the men & women who staff the volunteer fire department) on fixed incomes who barely manage to pay their property taxes, upkeep & living expenses. And so, while the Catholic Church down the street churns $10,000 – $14,000 a week in offerings, this little parish barely takes in $1,800 falling hundreds of dollars behind its needs every week.

Over the years, the charity of some more wealthy aging members made gifts to the church enabling the congregation to live off the interest of what became about $400,000 in bonds & stocks…$125,000 OF WHICH WAS GM CORPORATE BONDS, which are now essentially worth less than the paper these certificates are printed on.

So, here is one example of what our President, Mr. Barack H. Obama, has called “those speculators”; a “typical” little white church with an aging congregation; for many their only support; who shrug their shoulders in resignation as much as in bewilderment over what has happened to their country’s investor laws that were supposed to protect them but were overruled by the stroke of a pen, or less by their President.

I’m not sure if I am the only one who sees the irony in this little church having a relatively young preacher, a graduate of Princeton yet that proudly supported & voted for our even younger feckless leader, Mr. Barack H. Obama. Alas, given the denial that abounds America these days, I probably am.

I’ve used this analogy before, but our country under the unsteady hand of Captain Obama is like the Titanic. Though the ship’s engineer knew the vessel was doomed the moment it struck the iceberg, its captain believed he could maneuver it to safe harbor while the passengers went on into the night celebrating, drinking & dancing as if all would be well. This nation is approaching that moment that only the lead character of “Titanic”, the movie, Jack put so clearly…

“This is it Rose! Hold on! Don’t Let Go of Me!”

Alas, all we will have in the end will be ourselves…shivering alone & adrift into the abyss.

Nearer My God to Thee indeed.

The court does not express a view except to the extent that it endorses it whole heartedly. And with the speed that the Government has requested.

I wonder, is there appeals from bankruptcy court? For the lenders that would be screwed here?